US wheat futures were back a little overnight. The AUD was also a little firmer. The combination may take the steam out of the local market a little but when you look around the globe actual cash offers are generally higher from most major exporters.

In the US the harvest pace for spring wheat is expected to pick up with hot, dry conditions expected to assist. So far yields have been a little less than expected but quality has been exceptional although protein is generally around 14.5% there has been a few pockets of variation from 12% to 16%.

Paris milling wheat futures moved higher again with Dec 18 closing at E216.50/tonne (AUD$338.47). The rally was on the back of a 1mt cut in French wheat production to 35mt. The rise in both EU and Black Sea values has seen sales volume taper off a little as the buyer is still a little shell shocked.
Australian numbers off the west coast were also firmer on the day with offers coming in at roughly US$270 / tonne. If you put that on a boat and cart it to Tamworth it comes in at just over $455 landed up country. Upcountry bids in SQLD have been higher than port bids for a week or more now. With soft white wheat out of the PNW of the USA priced at US$236 for ASW quality it’s easy to see where Aussie wheat will end up, straight across the continent to the east coast.